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there are going to be tax cuts because mitt romney proposes to cut 20% off everybody's taxes across the board. >> not 5 trillion. >> but it adds up to 4.9 the ten years that the number the president was citing. that assumes no revenue coming from anywhere else. mitt romney says that is not the right assumption. if i cut taxes across the board and more money into piedmont acre pockets and spend more and have a lower tax rate and have more jobs and more own. >> stimulate the economy. >> and more money will come in. >> that is where the disagreement was. >> mitt romney does have some plans for cutting loopholes and some of these -- >> right. . he says we cut taxes and close loopholes and it becomes revenue neutral and president cited another studying saying you have to raise taxes on the middle class. that is why this becomes so hard to fact check one of these because they are both sort of saying things that are kind of true. >> let's switch to jobs. this doesn't have to do with the debate necessarily last night but it's critical. we have the big monthly jobs report tomorrow and we have so
there are going to be tax cuts because mitt romney proposes to cut 20% off everybody's taxes across the board. >> not 5 trillion. >> but it adds up to 4.9 the ten years that the number the president was citing. that assumes no revenue coming from anywhere else. mitt romney says that is not the right assumption. if i cut taxes across the board and more money into piedmont acre pockets and spend more and have a lower tax rate and have more jobs and more own. >> stimulate the...
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. >> when it comes to our tax code, governor romney and i both agree our corporate tax rate is too high, so i want to lower it, particularly for manufacturing, taking it down to 25%, but i also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas, i want to provide tax breaks for companies that are investing here in the united states. >> you said you get a deduction for taking a plantoverseas? i've been in business for 25 years, i have no idea what you're talking about. >> so i don't either. because i actually don't know the tax code that well. are there actually incentives currently, hal, that encourage people to take their jobs out of the united states? >> well, both the president and mitt romney are both right the way they answered the question. the reality is we don't have a specific incentive to take jobs out of the u.s. but what happens is if you can move your taxable income to another jurisdiction that has a low tax rate, like china, you can pay less taxes in total as long as you don't repatriate the money back to the u.s. the pre
. >> when it comes to our tax code, governor romney and i both agree our corporate tax rate is too high, so i want to lower it, particularly for manufacturing, taking it down to 25%, but i also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas, i want to provide tax breaks for companies that are investing here in the united states. >> you said you get a deduction for taking a plantoverseas? i've been in business for 25 years, i...
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last four years, how in lord's name can they justify raising their taxes with these tax cuts. >> dan, look, there is plenty of fodder for this debate without that. but since that is so 11th hour, is that expected to be played up heavily tonight? >> i don't think the obama campaign doesn't think this will be a distraction, but perhaps this will be something that governor mitt romney will jump on at some point during the debate. it is interesting, the vice president made those comments yesterday while campaigning in north carolina. and right after that, the romney campaign jumped all over those remarks. in fact, they put together a conference call to draw attention to that. the obama campaign fighting back saying that's an act of desperation and what the vice president was talking about is that there was this climate over the last four years that were created by decisions that were made in the previous administration. and so, again, they don't see it as a distraction, but i wouldn't be surprised if it didn't come up tonight. >> all right, dan lothian, live for us in denver, a long day
last four years, how in lord's name can they justify raising their taxes with these tax cuts. >> dan, look, there is plenty of fodder for this debate without that. but since that is so 11th hour, is that expected to be played up heavily tonight? >> i don't think the obama campaign doesn't think this will be a distraction, but perhaps this will be something that governor mitt romney will jump on at some point during the debate. it is interesting, the vice president made those...
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because he wants to keep open the tax loopholes that encourage jobs overseas. i want to make sure that we're providing tax breaks from companies right here in america. i want to help big factories and small businesses double their exports. i want more goods stamped with made in america. i want to create 1 million new manufacturing jobs in the next four years. >> obama care is point number one. it is the example number one where he wants to put bureaucrats between you and your doctor, he believes that the government should tell you what kind of insurance you have to have. he believes that government should have a board of people that tell you what kind of care you can receive. my view is we fight for freedom in this country, i do not want an intrusive massive larger debt spending government that crushes the american dream. >> they like to call it obama care, well, let me tell you, i do care. i care about all the young people who are able to stay on their parents' plans now. i care about the seniors who are seeing lower prescription drug costs. i care about folks
because he wants to keep open the tax loopholes that encourage jobs overseas. i want to make sure that we're providing tax breaks from companies right here in america. i want to help big factories and small businesses double their exports. i want more goods stamped with made in america. i want to create 1 million new manufacturing jobs in the next four years. >> obama care is point number one. it is the example number one where he wants to put bureaucrats between you and your doctor, he...
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the bush era tax use expire. health reform taxes kick in opinion 88% americans would pay more in taxes. >> how likely do we think the tax increases will kick in. >> cnn money asked 17 economists what do you think whether or not congress can get a deal done in time and the answer was unanimous, all 17 said, you know what? you're not going to go off the fiscal cliff. for them it's just a guess. those economists are putting a lot of faith in congress and the reality is don't expect anything to happen until after the election on november 6th. it's going to come down the wire. the big worry is that we could go into a recession if congress doesn't get their act together in time. >> even if we don't fall off a fiscal cliff, there's a chance that at least some of the tax increases will go into effect. >> exactly. some taxes could still go up even if congress avoid a full fiscal cliff. a good example is the payroll tax credit. expect that to expire no matter what. the reality is there's no champion behind it. the white ho
the bush era tax use expire. health reform taxes kick in opinion 88% americans would pay more in taxes. >> how likely do we think the tax increases will kick in. >> cnn money asked 17 economists what do you think whether or not congress can get a deal done in time and the answer was unanimous, all 17 said, you know what? you're not going to go off the fiscal cliff. for them it's just a guess. those economists are putting a lot of faith in congress and the reality is don't expect...
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vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ we're lucky, it's not every day you find a companion as loyal as a subaru. love. it's what makes a subaru, a subaru. zoirchgs a space rocket blasted off from cape canaveral last night launching the fist private flight from the international space station. >> liftoff of the space x falcon 9 rocket. launching dragon to the international space station and returning cargo -- >> the unmanned capsule called dragon is on its way to the space station after separating from its rocket. it's carrying 1 240us pounds of cargo. the company has been contracted by nasa to fly a dozen flights to resupply the space station. >>> fearless felix, he is also known as felix baumgartner, and he has gotten to be pretty fearless. he actually is going to jump out of a balloon. this is 23 miles above the earth. this is exactly
vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ we're lucky, it's not every day you find a companion as loyal as a subaru. love. it's what makes a subaru, a subaru. zoirchgs a space rocket blasted off from cape canaveral last night launching the fist private...
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the payroll tax holiday, that would expire, the health reform taxes, those would kick in. guess what? it would all mean less money in our wallets. carol? >> wow. well, you have to think that when congress looks at those numbers, lawmakers would get together and sing for the good of the american taxpayer. >> well, you know what? they're certainly not doing it before election day, don't count on that, but there is good news. that cnn money asked 17 economists, what do you think? do you think congress will get a deal done in time? and that's unanimous. all 17 said yes. they don't think we're going to go over the fiscal cliff meaning everything all at once won't happen. not to say that little pieces of it won't go away. but remember, this is just a guess. those economists, they're putting a whole heck of a lot of faith in congress. that's taking a leap. and as i said, nothing's expected to happen until after november 6th. get ready for this to come down to the wire, something that congress has done often times, the best at procrastinating, aren't they? and that's a big worry b
the payroll tax holiday, that would expire, the health reform taxes, those would kick in. guess what? it would all mean less money in our wallets. carol? >> wow. well, you have to think that when congress looks at those numbers, lawmakers would get together and sing for the good of the american taxpayer. >> well, you know what? they're certainly not doing it before election day, don't count on that, but there is good news. that cnn money asked 17 economists, what do you think? do...
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the tax base works. and you can -- >> but i have to -- >> no. >> but you haven't given me the math. i don't have the -- it would ta me too long to go through all the math. >> too long to go through the math, he says. but ryan did go on to hint, didn't promise, but he hinted that a romney administration would look at tax loopholes enjoyed by the wealthy. here's that. >> when you close a tax write-off or tax shelter for a higher income person, more of their income is subject to taxation so you can lower tax rates. that's where we begin. where we go is by denying those deductions and loopholes to higher income people, which allows us to lower tax rates for everybody across the board and still afford important preferences for the middle class taxpayers. >> there you have paul ryan on taxes. we expect some of the comments to pop up come wednesday night during the debate in denver, the very first presidential debate here of this election season. and i want to go to chief white house correspondent jessica yelli
the tax base works. and you can -- >> but i have to -- >> no. >> but you haven't given me the math. i don't have the -- it would ta me too long to go through all the math. >> too long to go through the math, he says. but ryan did go on to hint, didn't promise, but he hinted that a romney administration would look at tax loopholes enjoyed by the wealthy. here's that. >> when you close a tax write-off or tax shelter for a higher income person, more of their income is...
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plus, more people will be out of work because of the small business tax increases from obama care, so what mitt romney is going to talk about is appeal to how we can do so much better. we need to invest in small businesses in latinos and women and, you know, people who are coming to this country often are starting small businesses, and that's -- we can't be putting new taxes on those small businesses, and we need to have new health care. >> is he going to get -- >> will also help -- >> i'm sorry. is he going to be more specific on what type of loopholes he is talking about, exemptions, to offset these tax cuts that he is proposed to grow the economy. is he going to provide more specifics? >>. >> when president romney works on the economy and health care issues, he will do it in an open and transparent way. they've already said they want to have congress and everybody involved and when governor romney was governor in massachusetts, he worked with an 85% legislator -- legislature and was able to cut taxes over a dozen times while he was cutting spending, but did he it collaboratively, o
plus, more people will be out of work because of the small business tax increases from obama care, so what mitt romney is going to talk about is appeal to how we can do so much better. we need to invest in small businesses in latinos and women and, you know, people who are coming to this country often are starting small businesses, and that's -- we can't be putting new taxes on those small businesses, and we need to have new health care. >> is he going to get -- >> will also help --...
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vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? >>> less than a month away now before election day. and how can we forget political ads, they remind us each and evy hour on the hour what is happening now. with barack obama and mitt romney had to spend hundreds of millions of dollars to define themselves for us while, of course, vilifying the other. that's why when i draw your attention to this documentary, that airs tomorrow night, on pbs, it is from the folks who bring us front line. here is just a preview. >> i got my start as a community organizer. >> i know how the private sector works. i know how jobs come. i know how they go. >> for years, these two men have been telling us their stories. >> he keeps a lot of his views to himself. >> he knows that every step he takes is a potential land mine. >> people have great respect for obama and will still say
vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? >>> less than a month away now before election day. and how can we forget political ads, they remind us each and evy hour on the hour what is happening now. with barack obama and mitt romney had to spend...
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. >> the term has been more than usually taxing. some have called it the term of the century. >> reporter: now three months later the court is back. there are no signs of it cooling down. >> the justices are moving from the frying pan right into the fire. they are tackling some of the most difficult legal questions of the day. across the board probably the biggest term in at least a decade. >> reporter: cases involving the contentious issues of affirmative action, same-sex marriage, voting rights and abortion are all likely to come up this term which kicks off monday. >> there's some very exciting cases already on the docket. there's a lot more in the pipeline that may -- the courts could be making a decision on soon. >> reporter: another set of big decisions will bring even more scrutiny on the chief justice. rumors surfaced that the health care ruling he authored caused a personal rift with fellow conservative colleagues including justice antonin scalia. >> no. i haven't had a falling out with justice roberts. >> no words exchange
. >> the term has been more than usually taxing. some have called it the term of the century. >> reporter: now three months later the court is back. there are no signs of it cooling down. >> the justices are moving from the frying pan right into the fire. they are tackling some of the most difficult legal questions of the day. across the board probably the biggest term in at least a decade. >> reporter: cases involving the contentious issues of affirmative action,...